《大行報告》匯豐研究下調玖龍紙業(02689.HK)目標價至4.3元 料2024財年仍虧損
匯豐研究發表報告指,玖龍紙業(02689.HK)在需求低迷的情況下,截至6月底止2023財年全年轉蝕23.83億元人民幣,屬2006年上市以來首度全年「見紅」,惟符合早前盈警所預示。由於平均售價提高,2024財年首財季(今年7月至9月)虧損有所收窄。
該行欣賞公司在需求展望不確定下取消一些產能擴張計劃。在資產負債表方面,該行料玖紙資本開支及槓桿率將於2024財年見頂,借貸及財務成本減少將支持盈利能力。
匯豐研究預期,隨著產能提升,公司銷量會有所增長,但料明年6月底止2024財年仍續錄虧損,料蝕10.87億元人民幣;2025財年料轉賺6.83億元人民幣。匯豐研究維持對玖紙「持有」評級,目標價則由4.7元下調至4.3元,以反映平均售價前景被下調,以及上調對其營運成本預測。
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